In July 2020, the Ministry of Economic Affairs and Employment launched a project to update the Bioeconomy Strategy. The project recognised that increasing the added value of bioeconomy is an important focus area which is not comprehensively discussed in other strategies. The Bioeconomy Strategy extends to 2035. Its vision is "sustainably towards higher added value".

In order to promote the wellbeing of society, attention is paid to the overall sustainability of the bioeconomy and the fair distribution of benefits and disadvantages.

The measures of the Bioeconomy Strategy are divided under four headings: (1) higher added value from bioeconomy, (2) a strong knowledge and technology base, (3) a competitive operating environment and (4) usability and sustainability of bioresources and other ecosystems. The strategy also includes sector-specific measures.

The measures to increase the added value of bioeconomy include implementing an RDI programme for the green transition of bioeconomy, and promoting the establishment of innovative pilot and demonstration facilities and the first industrial-scale plants in Finland. Regions are also encouraged to formulate action plans for the bioeconomy.

The measures will be funded through the Sustainable Growth Programme for Finland, for example.